Beginners’ Guides

Beginners’ guide to pensions and retirement

What’s your situation?

I’m nearing retirement age, what should I be doing?

You need to find out how much money you have saved, and what income you can expect in retirement. Your pension provider(s) will be able to help.

Helpful notes

You also need to know how much you can expect from the State. Contact The Pension Service to find out how much state pension you‘ve earned over the years. You can:

Apply online at www.direct.gov.uk/pensions or by phone or post.
Print out form BR19 at www.direct.gov.uk/pensions and post it
Call 0845 300 0168 and request a form

You should always get financial advice before you come to any decision about your retirement. Remember, the choices you make could be for life.

If you find you don’t have enough income to fund your retirement plans you could look at the other options available to you, for example equity release schemes. In general terms, such schemes can let you unlock part or all of the value in your home. Your financial adviser can provide you with information on how these work, and advise you on whether or not they are suitable for you.

I’m already retired, what can I do to increase my retirement income?

If you have savings, consider whether they are producing enough income. Could they produce more? You may want to look at fixed rate bonds, or other savings accounts that pay a higher income.

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